australia's qbe 1h earnings table Australia's QBE 1H Earnings Table
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Australia's QBE 1H Net Rises 43% To A$491M
SYDNEY (Dow Jones)--Australia's QBE Insurance Group Ltd. (QBE.AU) said Wednesday its net profit for its half year ended June 30 rose 43% to A$491 million from A$343 million a year earlier, helped by higher insurance profit margins and improved equity markets.
The company declared a first half dividend of 33 cents per share, up from 24 cents per share a year ago.
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August 16, 2005 19:35 ET
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August 16, 2005 20:08 ET
Australia's QBE 1H Net Rises 43% To A$491M -2-
QBE, the second biggest underwriter in the Lloyd's of London market, said the profit improvement in the first half reflects the benefit of premium growth from acquisitions, higher insurance margins and improved equity markets.
Net earned premium income rose 13% to A$3.51 billion from A$3.11 billion a year earlier.
Group insurance profit before tax rose 30% to A$553 million from A$425 million and was 15.8% of net earned premium, compared with 13.6% for the same period last year.
QBE Chief Executive Officer Frank O'Halloran said the company is ahead of all its key profit targets at the half year.
"This gives us confidence that, subject to unforeseen circumstances, the insurance profit to net earned premium ratio will be in the range of 15%-16% for the full year, well above the target of 12.5%-13.5% announced at our annual general meeting in April," he said.
O'Halloran said premium rates on average for the group have fallen by slightly less than 4%, exceeding the company's planned overall reduction of just over 3%.
"Premium rates for liability business in Australia have fallen by around 10% on average, in line with our expectations, reflecting the positive impact on claims of tort reforms, higher deductibles and improved policy terms and conditions.
"Importantly, our retention of customers has increased and current premium rates are adequate for us to meet our insurance profit targets," he said.
The company said it is confident of increasing gross written premium to A$9.5 billion and net earned premium to A$7.5 billion for the full year, subject to no major movement in the current average U.S. dollar and sterling rates of exchange to the Australian dollar.
QBE said its strategy of growth through acquisitions will ensure it continues to look at a number of acquisitions and opportunities in Australia, the Asia-Pacific region, the Americas and Europe.
"We are confident that our current shareholders' funds will be sufficient to cover potential growth from our acquisition activity between now and the end of 2005," the company said in its half yearly report.
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August 16, 2005 20:10 ET
Australia's QBE 1H Earnings Table
QBE Insurance Group Ltd. - Sydney
Fiscal First Half Ended June 30:
2005 2004
Net profit A$491 mln A$343 mln
Revenue 5.27 bln 4.64 bln
Per Share:
Dividend 33.0 cts 24.0 cts
Earnings (fully diluted) 59.2 cts 44.8 cts
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